Price prediction for assets like Ethereum is a tricky one. This is because there is no sure way of telling where the market might turn after a massive rally. Analysts have now turned to the charts to try to use technical analysis to tease out where they think the price of the asset could be in the coming months. With less than two-and-a-half months to go in the year, the asset has a limited time to hit the sometimes optimistic price targets that analysts set for it.
One of the analysts that sees a particularly bullish future for Ethereum is Justin Bennett. Bennett put forward a technical analysis in the 96th issue of his newsletter. With ETH breaking the $4,000 mark this week, all bets look to be off for where the price of the digital asset might end up. The analyst although sees a situation where the price of Ethereum could touch $12,000 this cycle.
Bitcoin Is The Key
Ethereum and the broader crypto market have always followed the price of bitcoin and Bennett does not see a deviation from this trend. With the current market movement, the analyst said in his newsletter that indicators show that the price of the pioneer digital currency could reach as high as $200,000 before the current cycle is over. If the asset hits this price point, the price of ETH is sure to rally over 300% in response to this.
For the $12,000 price range, the ETHBTC levels hold all the information. A $200,000 rally in BTC would put Ethereum at $12,000 with the current ETHBTC levels, says Bennett. In addition, the analyst sees the price of ETHBTC rallying before this bull market ends.